T2122, NYSE 4 week new high/low ratio. It’s my ultimate weapon for detecting the overbought/oversold conditions. Although relative to the history, it’s not extreme enough but considering the fact that Russell 2000 is now at historical high therefore inevitably the new high could only be less and less (as more difficult to reach), thus chances for T2122 to reach a historical extreme become smaller and smaller, so the current reading should be high enough if not highest in the foreseeable future.

Take a look at what retailers are doing when at the same time, OEX option traders are buying huge amount of puts. ISEE Equities Only Index closed above 300 should be high enough within the top 5 readings of the ISEE history.

The two additional charts below are about the intermediate-term, info only.